TRW to Cut 1,100 Jobs Amid Slowing Demand
Bloomberg News
TRW Inc. said it plans to cut 1,100 aerospace jobs, about 16% of the division’s staff, to cope with slowing demand for commercial-aircraft products aggravated by the Sept. 11 terrorist attacks.
About half the jobs to be eliminated are in Britain, where the company employs 3,500 people, TRW said.
The jobs are being eliminated in operations that TRW acquired with its 1999 purchase of Britain’s LucasVarity. The business makes engine and flight controls as well as cargo-handling hoists and winches.
Shares of Cleveland-based TRW rose 18 cents to $33.56 on the NYSE.
